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Sincere Security (ROCO:6721) Piotroski F-Score : 6 (As of Sep. 26, 2024)


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What is Sincere Security Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Sincere Security has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Sincere Security's Piotroski F-Score or its related term are showing as below:

ROCO:6721' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 6
Current: 6

During the past 7 years, the highest Piotroski F-Score of Sincere Security was 6. The lowest was 2. And the median was 5.


Sincere Security Piotroski F-Score Historical Data

The historical data trend for Sincere Security's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Sincere Security Piotroski F-Score Chart

Sincere Security Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A 6.00 5.00 5.00

Sincere Security Quarterly Data
Dec18 Jun19 Dec19 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 5.00 6.00 6.00

Competitive Comparison of Sincere Security's Piotroski F-Score

For the Specialty Business Services subindustry, Sincere Security's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Sincere Security's Piotroski F-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Sincere Security's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Sincere Security's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 16.25 + 20.395 + 17.673 + 28.637 = NT$83 Mil.
Cash Flow from Operations was 32.998 + 91.048 + -71.376 + 53.545 = NT$106 Mil.
Revenue was 760.361 + 762.651 + 793.801 + 834.072 = NT$3,151 Mil.
Gross Profit was 31.92 + 35.435 + 34.423 + 42.164 = NT$144 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(1029.389 + 1005.921 + 1141.603 + 1055.204 + 1127.639) / 5 = NT$1071.9512 Mil.
Total Assets at the begining of this year (Jun23) was NT$1,029 Mil.
Long-Term Debt & Capital Lease Obligation was NT$44 Mil.
Total Current Assets was NT$959 Mil.
Total Current Liabilities was NT$514 Mil.
Net Income was 16.359 + 27.244 + 16.328 + 22.009 = NT$82 Mil.

Revenue was 691.74 + 703.624 + 706.782 + 753.208 = NT$2,855 Mil.
Gross Profit was 33.321 + 36.903 + 23 + 34.915 = NT$128 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(965.629 + 972.883 + 1021.108 + 958.193 + 1029.389) / 5 = NT$989.4404 Mil.
Total Assets at the begining of last year (Jun22) was NT$966 Mil.
Long-Term Debt & Capital Lease Obligation was NT$46 Mil.
Total Current Assets was NT$865 Mil.
Total Current Liabilities was NT$438 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Sincere Security's current Net Income (TTM) was 83. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Sincere Security's current Cash Flow from Operations (TTM) was 106. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=82.955/1029.389
=0.08058664

ROA (Last Year)=Net Income/Total Assets (Jun22)
=81.94/965.629
=0.08485661

Sincere Security's return on assets of this year was 0.08058664. Sincere Security's return on assets of last year was 0.08485661. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Sincere Security's current Net Income (TTM) was 83. Sincere Security's current Cash Flow from Operations (TTM) was 106. ==> 106 > 83 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=44.18/1071.9512
=0.04121456

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=45.775/989.4404
=0.04626352

Sincere Security's gearing of this year was 0.04121456. Sincere Security's gearing of last year was 0.04626352. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=958.52/513.725
=1.86582315

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=864.609/438.335
=1.97248452

Sincere Security's current ratio of this year was 1.86582315. Sincere Security's current ratio of last year was 1.97248452. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Sincere Security's number of shares in issue this year was 22.549. Sincere Security's number of shares in issue last year was 22.458. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=143.942/3150.885
=0.04568304

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=128.139/2855.354
=0.04487675

Sincere Security's gross margin of this year was 0.04568304. Sincere Security's gross margin of last year was 0.04487675. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=3150.885/1029.389
=3.0609274

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=2855.354/965.629
=2.95698866

Sincere Security's asset turnover of this year was 3.0609274. Sincere Security's asset turnover of last year was 2.95698866. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+0+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Sincere Security has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Sincere Security  (ROCO:6721) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Sincere Security Piotroski F-Score Related Terms

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Sincere Security Business Description

Traded in Other Exchanges
N/A
Address
Room 5, 2nd Floor, 201 Heping Street, Hsinchu County, Zhubei, TWN
Sincere Security Corp Ltd is a Taiwan based company involved in property management, cleaning services, mechanical and electrical air-conditioning maintenance and security monitoring. It provides services at science parks, hypermarkets, commercial buildings, schools, golf courses, villas and residential areas, and government units.

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